The wages agreed between workers and companies have experienced an increase of 3.34% between January and July, according to data offered today by the Ministry of Labor and Social Economy, prepared from 2,885 agreements that affect 8.9 million of employees.
The percentage exceeds July inflation, of 2.3%, so that workers are on their way to recovering purchasing power in 2023 for the first time in two years. It won’t be much when compared to the devaluation suffered after two skyrocketing price exercises.
In 2020, the CPI closed negative, with a fall of 0.5%, while the salaries set in the agreements increased by 1.73%. From that moment on, the tables turned, first with the economic recovery after the pandemic and then with the invasion of Ukraine. In 2021 inflation was 6.5% and the salary increase was 1.45%, while in 2022 price increases of 5.7% contrasted with salary improvements of 2.98%.
78% of workers have also had increases so far this year of more than 2%, while for only 2.3% they have been less than 1%. Between January and July, 721 collective agreements were signed and registered, the lowest figure in at least five years. It is less than half of the 1,515 agreements last year.
The Ministry of Labor also breaks down wage increases by autonomous community. The greatest increases have been experienced in Murcia, of 5.5%, while the smallest are in Castilla-La Mancha, of 2.69%. In Catalonia they were 3.16% and in Madrid, 3.22%.
There is also a correlation between the increases and the jobs in the field of services hardest hit by the pandemic, which are now the ones that seem to recover purchasing power the fastest. The wages of domestic employees rose 6.3%, compared to 4% for artistic activities, 3.9% for hotels and 3.6% for commerce.
The supply of energy, real estate activities, the extractive industry and the financial and insurance businesses are those that registered the smallest increases, less than 2.5%.
